Issue 1,756 – Copyright, 2024, by Wyckoff AM Trader
There were really only four prime time trades yesterday: (if your a bull)
At the open. At 10:01 am. At 11:05 am. And at 3:10 pm.
Not that I got all of them. I did but I should have not taken the others. There were many others that scratched. It's hard as a trader. Other traders will say things like this:
IMPRO: tbohn007 :(2:59:26 PM) : bulls check list is CnC 35/36 and then close above yesterday's settle 44.50….. bears … violate IBL and then take it dn to challenge ONL
That was at 3:00 pm. They challenged the initial balance and dropped the soap. I got long at the 17 held it. I got long at the open. Held it. Through 9:59 am. Sure I should have closed it out. I should have pressed my stop up against. I should have done many things. It was the Algos or nature. And nature won.
When I came back, my stop was hit at the initial open. I reloaded. That did not happen again!
So, hard sell off Tuesday and Wednesday odds are it recovers some. Some traders will call it:
IMPRO: PTGDavid :(8:50:54 AM) : Typically trend days are followed by MATD rhythms for Cycle Day 2, so we’ll be anticipating this for today’s action, but remaining flexible to Mr. Market’s wishes.
Wyckoff just called it potential accumulation. Since the low was tagged over on Globex around 5506 then we had a potential automatic rally up to the 11:00 am marker. Then a secondary test at the 3:00 pm marker. That's broad strokes. The best trades are the hardest trades. It was hard hanging in there on Wednesday morning Globex trade. That's why you shouldn't but I did, and I could not wait till 3:00 am for the low to get tagged.
So after I gave it up and got up, I got on board at the 9:30:01 marker. Twenty (20) handles up and at 9:59:59 am to 10:00:01 am they drop it 20 handles down…
So you really think we are going to win this war with AI?
A normal drop is 7 to 12 handles but they drop it 20. They were buying hard on the open from 9:30 am to 9:35 am total of 55,000 plus lots.
And there is not a bid in sight for 20 handles? I don't think so!
We just accept it as traders and the public does not know how frail the system has become. Oh, and now Inflation is sexy. Sexy as in Cake by the Ocean or Sex in the City. Are you kidding me? Now they say we have inflation. Don't' they know November is around the corner?
Talk about double speak.
https://youtu.be/vWaRiD5ym74?si=95vPoUTUIJIJGMeF
If you like Hanks girls, you might want to watch this video or just keep on hoping Cake by the Ocean.
But yea, I think it going to go back up…
My read is this. Sure, go with S1L day. I'm still thinking it was more of a S1H as it inverted yesterday (S1L) but as WB would say it's shooting Elephants with Needles. So today. Are we going to take it higher? Are we going to dip it lower. Wyckoff would call a resting spell. If Accumulation, we should see a series of lifting supports. Higher highs and higher low. At the end price should start to get buoyant.
There are phases to this I think it's phase D and phase E you want to get long in. Till then, let the Composite Man play his hand.
PROSE and THE NUMBAHS
Good morning. Today is SERIES S2L with the spill up.
Composite Man (combined net buying and selling of all market participants in the know): Has raise his buying levels from yesterdays' CASH open at the 5521 up to 5565 handle. Let price drift down from the 5565 to the 5516 handle. Lifted buying support up to the close at 5538 handle.
Last night Globex: After a tepid close Globex opens at the 37 and trades down to the 15 handle. Rallies back to the 37 and gets locked up in a tight 8 handle range. The Daily Pivot 34 seems to be checking the move. I'm suspect of the rally at 11:00 am but there was no good reason not to buy some calls at the close as some traders did. I did not. I just got long at the open and stayed up to manage it.
News: ADP Employment Report at 8:15, Jobless Claims & Productivity and Costs 8:30, PMI Composite Final at 9:45, ISM Services Index at 10:00, EIA Natural Gas Report at 10:30, EIA Petroleum Status Report at 11:00. All times EST.
Edge: I'm leaning on buying pressure from yesterday's low.
Globex: 22 plus handle trading range on 108 K volume.
Real Time Secession
Open 5522.75
Hod 11:07 5565.00
Lod 15:11 5515.00
Settle 5522.00
Volume 1,379,842
Floor Trader Pivots
R2 5584.00
R1 5553.00
DAILY 5534.00
S1 5503.00
S2 5484.00
WEEK 5628.00
Cycle Bias: Favored to the bull.
Tone: VIX trading at 21.32
Shape of the day: Potential to trend providing price clear and converts the 32 handle.
Honing: Spill up, AM LOW, (NO MID AM), lunch high, mid pm low, LAST HOUR HIGH.
Ideal: Price drifts back down to center time around 10:30 am and holds a bid. Potential for the lunch high to come in about 12:30 pm. And a dog leg for the mid pm low around 2:15 pm. Strong close with the high of day around 3:50 pm.
The clock is used to time your entries and exits. Position long at the lows, exit at the highs, get short at the highs, and buy-in at the lows. When the trend is in, WB's clock is your friend!
Your edge is a series of trades, not just one trade or one day.
Dates: September 17 Harvest Moon 10:34 p.m. Fall Equinox September 22 8:43 am (all times Est)
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